High-rise near NJPAC in Newark delayed, downsized

View full sizeAristide Economopoulos/The Star-LedgerAn artist rendering of the planned complex around NJPAC in Newark.

NEWARK — Developers of a proposed high-rise luxury tower planned near the New Jersey Performing Arts Center still have not secured financing for the project, which they concede will be smaller than once envisaged.

Lawrence P. Goldman, former NJPAC CEO who leads the arts center’s redevelopment corporation, said the continuing economic slump has both delayed and forced a downsizing of One Theater Square.

"We are considering a somewhat scaled-down project," Goldman, president of the NJPAC Development Corp., said. "It will still be a high-rise residential tower, but 20 to 25 stories. We’re not sure."

As proposed in 2010 by NJPAC and its partner, Dranoff Properties, the project would be a $190 million 44-story tower on a 1.2-acre parcel on NJPAC’s Newark campus.

At the 2010 official announcement — held on NJPAC’s Prudential Hall stage and attended by Gov. Chris Christie and Mayor Cory Booker — One Theater Square was introduced as a "game-changer" for the city’s recovery. With a parking garage, retail space on street level, and 328 residential units, it would rise 480 feet, making it one of the city’s tallest structures. The curvy glass tower, designed by BLT Architects of Philadelphia, would house a pool, spa, conference rooms and a grand lobby.

That ambitious design differed from the original 28-story, 250-unit concept developed by NJPAC before Dranoff joined the effort.

Dranoff was chosen as NJPAC’s partner for two primary reasons: his track record for arts-driven redevelopment and his reputation for high-quality products. Dranoff built Symphony House, the high-rise residential tower next to the Kimmel Center for the Performing Arts in Philadelphia, where his company is based. He also converted the RCA Victor factory on the Camden waterfront into luxury loft apartments.

At that time, Carl Dranoff predicted construction would begin the next year.

Newark’s economic revitalization has been a part of NJPAC’s mission since it opened in 1997. The nonprofit has 12 acres surrounding the two theaters and outdoor square; additional arts spaces and non-arts buildings were always planned.

The New Jersey Economic Development Authority had approved $38 million in Urban Transit Hub tax credits, but the developers subequently withdrew the project.

Goldman said there is no new date for construction to begin, and no total pricetag. But he still believes it will happen.

"It’s a very difficult time to get residential real estate financing," Goldman said. "But the kind of thing we’re talking about would be unprecedented in Newark."